- Each bull run is epitomized by a couple of shitcoins doing thousands of percent
- These boom and bust coins make millionaires but more often mint a new generation of bagholders
- Which coins have summarized the 2020/21 bull run?
Each bull run is marked by a couple of shitcoins that take over the entire space, and the lower depths of crypto Twitter, and this bull run has been no different. As we approach the end of 2021 we remember the coins that made millionaires and introduced many more to the idea of FOMO.
First up is Safemoon, which epitomized the exuberance of the Binance Smart Chain market in the bull run earlier this year. While some coins may have outperformed Safemoon, none garnered as much coverage, with newcomers falling over themselves to buy it and plaster rockets all over Twitter when they had – even after it had gone more than 5,000% in two weeks.
Needless to say, the performance of Safemoon since its May peak has been less than stellar:
Safemoon’s high of $0.000012588 was a long and distant dream by August, with price reverting to $0.000001331, a drop of 89% within three months. Even the late 2021 recovery couldn’t save it, nor could a Certik certification, as it has fallen even lower than before. It will take a miracle for anyone still holding to get their money back now.
Dogecoin is always a great runner in a bull market, but very few were quite prepared for the combined power of Wall Street Bets, TikTok, and Elon Musk. The triumvirate ensured that DOGE enjoyed a monster 2021:
DOGE powered its way from $0.05 to $0.075, but its performance since then has shown once again that DOGEs aren’t for life but are instead just for bull runs. Elon Musk’s favorite coin couldn’t sustain the momentum it generated and is now sitting at a crucial level of support some 77% down from its May high. Lose that and DOGE is staring down the barrel of a return to sub $0.1.
In February we asked if those looking to keep their DOGE bags long term were future millionaires or delusional bagholders. If they sold three months later it could have been the former. If they’re still holding now, it’s definitely the latter.
Dogecoin’s newly formed cousin enjoyed an equally outrageous year, making the most of the dog meme craze to rally 1,400% in late 2021 having done nothing since arriving on the scene in May:
SHIB was the perfect noob coin and before long it was nice and easy to buy, at which point the early buyers pressed the ejector seat button and bailed, leaving others to foot the bill.
Anyone buying before October and still holding is sitting on a profit, although a vastly reduced one, but anyone who bought since mid-October is break even at best. Anyone who FOMOd in during the late October-early November peak is looking at a 66% drawdown and things aren’t looking that optimistic that they will be made whole in the near future.